On Friday, November 22, 2024, the cryptocurrency XRP experienced a significant increase in its market value, rising by almost 30% to nearly US$ 1.40 today, spurred by the news of Gary Gensler’s resignation, who until then served as Chairman of the United States Securities and Exchange Commission (SEC). This upward trend coincided with statements made by Donald Trump, who vowed to remove Gensler from office on his first day in office if reelected.
At the time of publication, the price of XRP stands at $1.37, marking a 25% increase in the last 24 hours. Following the confirmation of Gensler’s departure, the cryptocurrency market reacted positively, with XRP climbing from $1.10 to around $1.40. This appreciation brings the currency to levels not seen since September 2021. It is important to note that XRP’s all-time high occurred in 2018, when it reached $3.40, and it notably surpassed Bitcoin in market capitalization, leading the sector.
Remember that
#XRP
was the No. 1 by market cap back in 2018
You better get used to it because the exact same thing will happen again in a very short period of time!
pic.twitter.com/h7RBLUE4uC
— (@_Crypto_Barbie)
November 17, 2024
Technical analysis suggests that if XRP maintains stability above the $1.40 range, it could aim for the next significant resistance level around $1.80. This scenario presents an interesting medium-term outlook for investors, who should monitor the $2.05 and $2.20 price zones, according to analyst Credible Crypto.
On the USD pairing,
$ Xrp
monthly RSI is about to enter overbought territory for the first time in 3 years.
This is bullish af.
Contrary to popular belief, the higher RSI goes the stronger momentum is and the more bullish a coin is (absent bear divs) and like every other form of…
https://t.co/cwOiY28LJv
pic.twitter.com/XFoy7i81ZL
— CrediBULL Crypto (@CredibleCrypto)
November 22, 2024
Meanwhile, Bitcoin is also showing signs of strengthening, nearing the historic $100 mark. The current volatility in the cryptocurrency market reflects not only political changes but also the adaptability and sensitivity of this market to global economic and regulatory scenarios.